Cinemax India net profit up 53%; to add 40 screens by year end

MUMBAI: Cinemax India saw a net profit of Rs 169.70 million (Rs 16.79 crore) at the end of FY 2009-10, which is 53 per cent up as compared to net profit of Rs 110.50 million (Rs 11.05 crore) for the same period last year.

Additionally, Cinemax, which operates 94 screens across India at present, plans to expand operations to 140 screens by the end of FY 2009-10.

The company’s net sales for the year stood at Rs 1.76 billion (Rs 176 crores) and the EPS at Rs 6.06.

Cinemax India chairman Rasesh B. Kanakia said, "We have seen a lot of ups and downs in last year with unfortunate strike hitting Q1 of FY09 badly, but the industry bounced back in a strong way and we have seen growth in the net profit. This year, we have added 20 more screens and for the current year, we have planned to add 40 more screens. Cinemax has seen a strong rise in footfalls as well. From last year’s 85,00,000 patrons it has reached to 10,8,00,000 patrons."